Rigetti Computing (NASDAQ:RGTI) Shares Down 1.2% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price traded down 1.2% during mid-day trading on Tuesday . The stock traded as low as $14.99 and last traded at $15.09. Approximately 12,233,873 shares changed hands during mid-day trading, a decline of 60% from the average session volume of 30,875,568 shares. The stock had previously closed at $15.27.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on RGTI. Rosenblatt Securities reissued a “buy” rating and set a $40.00 target price on shares of Rigetti Computing in a research note on Friday, August 7th. Benchmark assumed coverage on Rigetti Computing in a research note on Monday, July 27th. They set a “buy” rating and a $25.00 price objective on the stock. Weiss Ratings raised shares of Rigetti Computing from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, September 2nd. Jefferies Financial Group reiterated a “hold” rating and issued a $18.00 price target on shares of Rigetti Computing in a report on Friday, August 7th. Finally, Zacks Research lowered shares of Rigetti Computing from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 19th. Seven investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Rigetti Computing presently has an average rating of “Hold” and a consensus target price of $30.67.

Rigetti Computing Stock Down 1.2%

The company has a market cap of $5.04 billion, a PE ratio of -16.77 and a beta of 2.00. The firm has a 50 day simple moving average of $16.03 and a 200-day simple moving average of $17.63.

Rigetti Computing (NASDAQ:RGTI) last announced its earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, meeting the consensus estimate of ($0.05). Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.50%. The company had revenue of $5.14 million during the quarter, compared to the consensus estimate of $5.09 million. As a group, equities analysts anticipate that Rigetti Computing, Inc. will post -0.27 EPS for the current year.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, COO David Rivas sold 9,038 shares of the business’s stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $16.79, for a total transaction of $151,748.02. Following the sale, the chief operating officer owned 316,907 shares in the company, valued at approximately $5,320,868.53. The trade was a 2.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Ray O. Johnson sold 84,944 shares of the stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $20.55, for a total transaction of $1,745,599.20. Following the completion of the transaction, the director owned 95,537 shares in the company, valued at approximately $1,963,285.35. This trade represents a 47.07% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 248,633 shares of company stock worth $4,316,489 over the last ninety days. 1.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rigetti Computing

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RGTI. Geode Capital Management LLC increased its holdings in shares of Rigetti Computing by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 7,879,325 shares of the company’s stock valued at $174,930,000 after purchasing an additional 196,891 shares during the last quarter. Clear Street Group Inc. raised its holdings in Rigetti Computing by 71.1% in the 4th quarter. Clear Street Group Inc. now owns 2,743,150 shares of the company’s stock valued at $60,761,000 after buying an additional 1,140,183 shares during the period. Norges Bank acquired a new position in shares of Rigetti Computing in the 4th quarter worth approximately $38,889,000. Westfield Capital Management Co. LP acquired a new stake in Rigetti Computing during the 4th quarter worth approximately $20,727,000. Finally, Clearbridge Investments LLC boosted its holdings in Rigetti Computing by 37.5% in the fourth quarter. Clearbridge Investments LLC now owns 918,829 shares of the company’s stock valued at $20,352,000 after purchasing an additional 250,827 shares during the period. 35.38% of the stock is owned by institutional investors and hedge funds.

Rigetti Computing Company Profile

Rigetti Computing, Inc is a quantum computing company that develops full-stack quantum computing systems based on superconducting qubit technology. The company designs and manufactures quantum processors, develops the software needed to program and operate them, and provides access to its systems through cloud-based services.

Rigetti’s offerings include its quantum processing units and integrated quantum computing systems, as well as the Rigetti Quantum Cloud Services platform. Through cloud access and partnerships, organizations can experiment with quantum algorithms and explore potential applications in areas such as optimization, simulation, machine learning and other computationally intensive fields.